Interest calculations re. overpayment

Ms312Ms312 Forumite
3 Posts
Sixth Anniversary Combo Breaker
I was hoping someone could explain this for me! I can overpay my mortgage by up to 10% every year. In terms of interest calculation on my mortgage, does it matter at what point in the year I do that?
For example, say my mortgage was taken out 1st July 2019. One year later, the 10% I can overpay is reset. So does it make a difference if I overpay the 10% for the period 2nd July 2020 - 1st July 2021 as an ongoing amount every month, or is it better to pay the full 10% off on 2nd July 2020? For instance, do I still pay same interest figure on my mortgage if I overpay the 10% off on 30th June 2021 compared with paying it 2nd July 2020?
I did phone my bank’s mortgage line and ask this but they didn’t seem to understand the question, and just kept repeating that I could only overpay by 10% in a year. I may have not articulated it very well...


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